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Nigeria in 1min: Economic, Business and Financial Headlines – 091117

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November 9, 2017 7:10 AM / Proshare News 

PROSHARE ECONOMY

States and the Rising Weight of Debt- The dip in oil price coupled with relatively low production led to erosion in government revenue.  Source Proshare Read More 

Budget 2018: Still Priming the Pump - On Monday, November 8, 2017, President, Muhammadu Buhari laid before the legislature, the proposed 2018 budget for Nigeria. Source Proshare Read More 

Headline Inflation To Decline Again To 15.89% in October - We are forecasting that Nigeria’s year-on-year headline inflation will slide to 15.89% in October. This is a marginal decline of 0.09% from September’s rate of 15.98%. Source Proshare Read More 

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The Beginning of the Annual Tussle- President Muhammadu Buhari yesterday presented the 2018 budget to the National Assembly, and took the first step in the lengthy yearly process which weakens the ability of the government to govern. Source Proshare Read More 

FG signs financial agreement for Lagos-Abidjan highway - The Minister of Power, Works and Housing,  Babatunde Fashola, said the Federal Government has signed financial agreement for the execution of Lagos-Abidjan highway. Source BUSINESSDAY Read More 

Nigeria's Economic Recovery: Defining The Path For Economic Growth- Nigeria's economy exited recession by the second quarter of 2017. An improvement in real GDP, and performance across several other macro-indicators suggest that the economy is on track for a broad-based recovery. Source Proshare Read More 

Highlights of 2018 FGN Budget of Consolidation Presentation Speech- The 2018 FGN Budget termed budget of consolidation is expected to reinforce and build on the achievements of previous budgets Source Proshare Read More 

70% of the economy funded by tax money – CITN - Since the decline in fuel price, monies generated from tax has been used to fund 70 per cent of the economy, Chairman, Chartered Institute of Taxation of Nigeria (CITN), Abuja Chapter,  Mr Ogbeide Benjamin has said. Source Daily Trust Read More 

AFREXIM Bank to establish export processing centres in Nigeria - African Export Import Bank (AFREXIM), has concluded plans with the Nigerian Government to develop two industrial parks in the country in 2018, for the processing commodities for export in line with government’s economic diversification and job creation efforts. Source Guardian Read More 

FG faults Moody’s sovereign rating of Nigeria - The Federal Government on Wednesday faulted the downgrading of Nigeria from B1 stable to B2 stable by Moody’s Sovereign Rating. Source Punch Read More 

Nigeria loses $5bn annually to rice smuggling, Ogbeh says - The Minister of Agriculture and Rural Development, Audu Ogbeh, has expressed regrets that the activities of rice smugglers has led to a loss of $5bn annually for the country. Source Punch Read More 

Customs facilitates exportation of N9.9bn goods - The Nigeria Customs Service, Seme command, said it facilitated the exportation of N9.9bn goods across the Seme border between January and October. Source Punch Read More 

Commodity with a 150-Day Lag Could Be a Game Changer for Economic Diversification- Nigeria is the world’s 15th largest producer of Soybean. It earns a paltry $200mn and contributes only 0.05% of GDP. Source Proshare Read More 

Afreximbank invests $16bn in Nigeria - The African Export-Import Bank (Afreximbank) has disbursed over $16 billion to execute various projects in Nigeria. Source Vanguard Read More 

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PROSHARE REGULATORS

CBN Expands Anchor Borrowers’ Programme, Targets Additional 2mt From 300,000 Rice Farmers - The Central Bank of Nigeria (CBN) has formed strategic partnerships with agricultural commodity associations in the country in its effort to expand the implementation of the Anchor Borrowers’ Programme (ABP). Source Proshare Read More 

IOSCO Reports On Implementation of G20 - FSB Recommendations To Strengthen Securities Markets - The Board of the International Organization of Securities Commissions (IOSCO) today published a report on the implementation of the G20/FSB post-crisis recommendations aimed at strengthening securities markets. Source Proshare Read More 

PROSHARE MARKETS

Market Maintains Uptrend as NSEASI Inches Up Further by 0.34%- Equities market closed today on a positive note, as NSE ASI appreciated by +0.34% to close at 37,138.97 basis points as against +0.22% appreciation recorded previously. Source Proshare Read More 

FMDQ Marks 4th Anniversary,with listing of Dufil Prima Foods N10bn Fixed Rate Bond- For four (4) years, FMDQ OTC Securities Exchange (FMDQ or the OTC Exchange) has progressively championed and effectively supported initiatives aimed at boosting the growth and development of the Nigerian financial markets Source Proshare Read More 

Dangote Sugar Refinery - Q3 Profitability Primarily Driven By Higher Pricing- As expected, finished year-to-date sugar price reductions have been marginal, down (-3%) to around N15,000/50kg in Q3. Source Proshare Read More 

Nigeria’s Falling Yield could lead to shift in Investment Strategy- Traditionally, investors’ appetite and need for income comes from fixed income instruments like treasury bills and bonds.  Source Proshare Read More 

Guidance For Insurance Firms On How They Can Strengthen Their Reporting Procedures- Finansinspektionen (FI), Sweden's financial supervisory authority, has identified extensive quality deficiencies in the reporting of insurance firms.  Source Proshare Read More 

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New Policy On Stock Promotion, Establishing Best Practices To Enhance Market Transparency Released- OTC Markets Group Inc. (OTCQX: OTCM), operator of financial markets for 10,000 U.S. and global securities, yesterday released a new stock promotion policy.  Source Proshare Read More 

Nigeria bonds shrug off Moody's downgrade as investors seek yield - Nigeria’s bonds were flat on Wednesday, shrugging off a downgrade by Moody‘s, since investors had already factored in issues that triggered the rating change and were buying debt at a discount to book profits, traders said. Source Reuters Read More 

OVH Energy Launches West Africa’s First Ever Private Midstream Jetty- ASPM Limited, a subsidiary of OVH Energy Limited, achieved a ground-breaking milestone as it launched its Lagos Midstream Jetty (LMJ) located at the Lagos Apapa Harbour. Source Proshare Read More 

Oil dips on lower China imports - Oil prices fell on Wednesday as Chinese crude imports slipped to their lowest level in a year, although traders said the overall market remains well supported because of Organisation of the Petroleum Exporting Countries (OPEC-led) supply cuts. Source Guardian Read More 

Nigerian firm to build 5,000bpd diesel refinery in South Sudan - Nigerian firm, Niger Delta Exploration and Production Company (NDEPC) and NILEPET Joint Venture have been mandated to construct a 5,000 barrels per day capacity diesel refinery for South Sudan. Source Daily Trust Read More 

Four power plants shut down in two days - Four of the nation’s power plants shut down this week, making the number of idle plants to rise to nine. Source Punch Read More 

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PROSHARE BUSINESS

Diamond Bank Plc Appoints Mr Christopher Ubosi as Non- Executive Director- We write to formally notify the Exchange that the Board of Directors of Diamond Bank Plc. has appointed Mr. Christopher Ubosi as a Non-Executive Director. Source Proshare Read More

Leadership, Change " Corporate Transformation – The Nigerian Experience - In the field of corporate analysis, there is no such thing as an autopsy because when a company dies, the causes are usually long before the fatal event actually happens. Source Proshare Read More 

‘Nigerian banks lose N237 billion to frauds in 10 years’ - Fraudsters, especially through the electronic payment channels may have stolen about N237 billon since 2007 from Nigerian banks. Source Guardian Read More 

We’ve recovered $3bn in 2 years –EFCC - The Economic and Financial Crimes Commission (EFCC) said it has recovered N738.9 billion or $2.9 billion in less than two years. Source THE SUN Read More 

IMF urges South Africa to launch reform plan to boost economy - South Africa should implement reform to restore confidence in the economy soon, the International Monetary Fund said on Wednesday, citing rising domestic political uncertainty and stalled reforms that signalled a challenging economic outlook. Source Reuters Read More 

Mauritius inflation rate unchanged at 3.5 percent yr/yr in Oct - Mauritius’ inflation rate was unchanged at 3.5 percent year-on-year in October compared with a month earlier, the statistics office said on Wednesday. Source Reuters Read More 

Israel Wants to Start Exporting Its Cannabis Around the World - When Asi Naim, a severely autistic Israeli boy, started smacking his head against the wall and hurting himself in other ways, his parents tried every kind of psychiatric drug to calm him. Nothing worked. Source Bloomberg Read More 

JPMorgan Says Patel's FX Policy Makes for a More Flexible Rupee - The Reserve Bank of India’s currency intervention policy during Governor Urjit Patel’s term is allowing for greater two-way rupee movement than under his predecessor, according to JPMorgan Chase & Co. Source Bloomberg Read More 

China Factory Prices Surge Again as Pollution Drive Curbs Output - China’s factory prices kept surging last month as authorities curb production in smokestack industries to combat pollution. Source Bloomberg Read More 

Russia's Latest Bailouts Have the Central Bank Counting Its Chickens - Russia’s new bailout mechanism has left central bank officials figuring out what to do with a range of businesses that they just aren’t used to handling. Source Bloomberg Read More 

BOE's McCafferty Says Banks May Leave Before Brexit Deal Agreed - Bank of England policy maker Ian McCafferty said clarity on Brexit will be needed early next year to prevent banks starting to shift jobs out of the country. Source Bloomberg Read More 

Oil Tumbles as Surprise Stockpile Surge Outweighs Platform Woes - Crude went on a roller-coaster ride Wednesday as platform closures in the Gulf of Mexico led futures to spike, while the stubborn increase in U.S. supplies pulled prices back down. Source Bloomberg Read More 

The World’s Richest Oil Moguls Gain After Saudi Crackdown - Market reaction to Saudi Arabia’s stunning anti-corruption raid has been a boon to some billionaires and a curse to others. Source Bloomberg Read More 

DisCos not paid N25b, says Association of Nigerian Electricity Distributors - The N25billion which the Federal Goverment said it has paid to the eleven lectricity distribution companies (DisCos), is yet to get to them, it was learnt. The government claimed it has paid N25billion out of the money owed DisCos by the Ministries, Departments and Agencies (MDAs) of government. Source THE NATION Read More 

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PROSHARE FINANCE

UK's Financial Conduct Authority Launches Wholesale Insurance Brokers Market Study- The Financial Conduct Authority (FCA) has today launched a market study to assess how competition is working in the wholesale insurance broker sector. Source Proshare Read More 

Bfit Fitness Festival to hold in 4 Nigerian States- Bfit Corporate Workout is a fun fitness event co-located alongside Bfit Fitness Festival, the Africa's biggest fitness event. Source Proshare Read More                                                                

Nigerian Pension Industry: When “Big” is not enough- The National Pension Commission (“PenCom”) recently published the pension asset and membership data for Q3-17. Source Proshare Read More 

PROSHARE TECHNOLOGY

Nigeria's Senate approves report exonerating MTN Nigeria over forex transfers - Nigeria’s Senate approved on Wednesday a report largely exonerating South African telecoms company MTN Group Ltd’s Nigerian unit, after the business was accused of illegally repatriating $14 billion to its parent. Source Reuters Read More 

Bitcoin Surges on Hopes That Upcoming Split May Be Avoided - Bitcoin soared to a record after a technology upgrade that was threatening to disrupt the biggest cryptocurrency was called off, removing another concern for mainstream investors captivated by this year’s more-than-sevenfold gains. Source Bloomberg Read More 

Truecaller Phone App Developer in Talks With Airtel About Africa - Swedish phone-app developer True Software Scandinavia AB is in talks with wireless operators including Bharti Airtel Ltd. and MTN Group Ltd. to expand its fast-growing Truecaller spam-filtering service in Africa. Source Bloomberg Read More 

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PROSHARE MSME

FirstBank Promotes Female Youth Entrepreneurship with House of Tara International- First Bank of Nigeria Limited has partnered with House of Tara in organising the event “1000 Voices” to celebrate and promote female youth entrepreneurship. Source Proshare Read More 

LSETF approves N4.9bn loans for 6,548 MSMEs - THE Lagos State Employment Trust Fund (LSETF) has so far approved N4.9 billion for disbursement to 6,548 small business owners, under its micro, small and medium enterprises (MSME) loan programme, out of which N4.1 billion loans have been fully disbursed to over 4,762 beneficiaries. Source Vanguard Read More 

NB disburses N96m to SMEs through Isedowo initiative - NIGERIAN Breweries (NB) Plc’s empowerment initiative, Isedowo, has so far supported 32 artisans and small scale business operators in Osun and Ekiti states with N96million with each  entrepreneur collecting N300,000. Source Vanguard Read More 

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